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Manila Bulletin devider Business devider The Stock Market devider RCR posts higher revenues, declares P1-B dividend

RCR posts higher revenues, declares P1-B dividend

Published Apr 24, 2023 08:15 am
RL Commercial REIT, Inc. (RCR), Philippines' largest real estate investment trust, declared cash dividends amounting to P1.05 billion after reporting an 11 percent improvement in revenues to P1.37 billion in the first quarter of 2023. In a disclosure to the Philippine Stock Exchange, RCR said the growth in revenues versus the same period last year is driven by the infusion of Cybergate Bacolod and Cyberscape Gamma from sponsor Robinsons Land Corporation. RCR maintained its strong financial position with Assets totaling to P58.86 billion, Shareholders' Equity of P56.50 billion, and remained debt-free, "RCR continues to deliver good results which enabled us to provide increasing quarter on quarter cash dividends to our shareholders," said RCR President and CEO Jericho P. Go. For the first quarter of 2023, RCR’s Board of Directors has approved the declaration of a cash dividend amounting to P0.0977 per outstanding common share, 0.10 percent higher than the fourth quarter of 2022. Total cash dividends for the first quarter of 2023 amounts to P1.05 billion which is 91 percent of its distributable income (unaudited). The cash dividends for the first quarter of 2023 will be payable on May 31, 2023 to stockholders of record as of 2May 22, 2023. RCR's dividend policy is to distribute at least 90 percent of its distributable income, in compliance with the REIT Law. RCR remains to be the largest REIT in the Philippines with a market capitalization amounting to P62.22 billion and with the widest geographical reach— being present in 10 key cities of the country. The firm is a constituent of FTSE Russell and FTSE Global Equity Index Series (GETS) Asia Pacific Index — Small Cap. RCR has been awarded as Best REIT (Philippines) by The Asset Country Awards 2021 and Best Sustainable REIT (Philippines) by International Investor Awards 2022.
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